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Trade association says gun trusts here to stay

posted Mar 7, 2013, 3:24 PM by Dick Clark

Over at The Truth About Guns, Nick Leghorn is reporting on a recent interview he conducted with someone from the National Firearms Act Trade & Collectors Association. The NFATCA is confident that, despite the recent article in the New York Times characterizing guns trusts as exploiting a loophole, gun trusts are not going anywhere. One reason for this belief is that the treatment of trusts under the NFA is laid out in the same statutory language and regulations as that of corporations, including private security contractors, movie studios, and other entities whose use of these firearms is unlikely to be further restricted.

ATF has published a notice of proposed rulemaking that would change how "responsible persons" are treated and would eliminate the law enforcement sign-off requirement for individual taxpayers seeking to transfer or make an NFA firearm. However, Josh Prince, an attorney who prepares gun trusts in Pennsylvania, has noted that similar proposals in past years have not come to fruition.